As we near the end of Mayor Eric Adams’ first and final term, several projects, rezonings and other real estate-related issues will stretch into the next administration.
That includes, of course, the Elizabeth Street Garden drama. The site’s selected developers filed a lawsuit Wednesday, alleging that the administration unlawfully designated the property city parkland. The complaint alleges that such a change needs to go through the city’s land-use review process.
So, this issue will continue to play out in court and then in the next administration.
The trajectory of another approved project may also depend on the new mayor. In July, the City Council approved One45, a three-building project with 1,000 units, of which 338 will be permanently affordable. Before approval, developer Bruce Teitelbaum signed an agreement with Manhattan Borough President Mark Levine, pledging to negotiate with city officials and nonprofits to possibly increase the number of affordable units. Such a move would require public subsidy, which has not materialized.
On Thursday, the New York Interfaith Commission on Housing Equality’s Defend Harlem campaign is hosting a rally near the development site, at 145th Street and Malcolm X Boulevard, to call on the city and state to provide public subsidy to increase affordable housing on the site. Kai Cogsville, a representative for Defend Harlem, said he wants to see units affordable to those earning between $34,000 and $65,0000 a year, or roughly between 30 and 60 percent of the area median income.
“Those are the people who have been excluded the most,” he said.
Teitelbaum said in a statement that he is “not unmindful” of the concerns raised by Defend Harlem, but added, “we cannot do it alone.”
“We are on record in support of building as much genuinely affordable housing as possible, but that requires the cooperation of City Hall,” he said.
He said he’s spoken to current administration officials several times to no avail.
“It is a conversation we are willing to have with the Mayor-elect, but time is of the essence,” he said.
Of course, the city has other projects in its pipeline. During fiscal year 2025, the city financed the creation or preservation of 28,281 units of affordable housing, which is 11 percent more than the previous year. Of that, 13,361 were new and 14,920 were preservation units.
Unfortunately, there isn’t a public database where I can see what projects are in that pipeline and where exactly they stand. But many of those projects will likely also stretch into the next administration.
Keep an eye out for more coverage of issues and projects that may be taken up by the next mayor.
What we’re thinking about: City Hall says it has the authority to declare city-owned land a park without going through Ulurp to map a use change. Does it? Send a note (and examples) to kathryn@therealdeal.com.
A thing we’ve learned: ICYMI, the Department of Buildings on Tuesday unveiled six new sidewalk shed designs — three by Practice for Architecture and Urbanism and three by Arup. Contractors will be able to pull permits for these designs once DOB finishes the rulemaking process for applying the new shed types.
Elsewhere in New York…
— NYPD Commissioner Jessica Tisch says she is ready to be part of the Mamdani administration, Politico New York reports. The Mayor-elect said in October that he planned to ask Tisch to stay on as commissioner, and on Wednesday, she confirmed that she would accept the position.
— Mohamed Bahi, former aide to Mayor Eric Adams, was sentenced to three years of probation Tuesday for arranging illegal straw donations to the mayor’s campaigns, the City reports. “There’s a notable absence here of the person at the apex of the pyramid,” Manhattan Federal Judge Dale Ho said, referring to Adams. (Ho dismissed the federal charges against Adams at the behest of the Department of Justice but was critical of the request.)
Closing Time
Residential: The top residential deal recorded Tuesday was $5.5 million for a 10,500-square-foot home at 3 Point Crescent in Whitestone. Helen Keit and Ross Keit with Keller Williams Realty Landmark had the listing.
Commercial: The top commercial deal recorded was for $30 million for 425 Seventh Avenue in Penn Plaza. United Pacific Development Corp sold the property to the Oved Group.
New to the Market: The highest price for a residential property hitting the market was $25 million for a 5,264-square-foot condominium unit at 201 East 74th Street in Lenox Hill. Barbara Russo, Christopher Salierno, Elena Sarkissian and MariaElena Scotto with Douglas Elliman have the listing.
Breaking Ground: The largest new building permit filed was for a proposed 284,340-square-foot, 17-story, 300-unit project at 332 Beach 52nd Street in Far Rockaway. Ariel Aufgang filed the permit on behalf of Tishman Speyer.
— Matthew Elo
